The Pythian is a historic tax credit driven renovation project situated at 234 Loyola Avenue in the CBD. At the time of our assignment, the improvements consisted of a vacant shell to which the owners planned to convert mixed use property with three floors of white box space that will be divided into 5 retail/office units and six floors of residential space with a total of 69 apartment units.
In addition to reporting the as-is market value and the prospective market value conclusion upon completion and upon stabilization, we conducted an investment analysis to determine the investment use value of the tax credit equity sources incorporated into the proposed renovation through Federal New Market Tax Credits, as well as State and Federal Historic Tax Credits.